PIMCO sees possibility of China floating yuan in 2017

Chinese 100 yuan banknotes are seen in this picture illustration taken in Beijing July 11, 2013. REUTERS/Jason Lee/File Photo

LONDON (Reuters) - Asset management giant PIMCO said on Thursday it thought there was a chance China could freely float its currency, the yuan, this year.

The firm’s head of Asian portfolios, Luke Spajic, said in a note Beijing was finding it impossible achieve three goals simultaneously: a stable or fixed foreign exchange rate, free capital movement and an independent monetary policy.